Polaroid Holding Company and petters Group Worldwide have announced that Petters Consumer Brands has completed the acquisition of Polaroid. Under the terms of the agreement, each outstanding share of Polaroid was converted into the right to receive $12.08 per share in cash, with the total transaction valued at $426 million.
J. Michael Pocock, President and Chief Executive Officer of Polaroid, said, "As a licensee over the past few years, Petters Group has shown extraordinary talent in building a significant presence for the Polaroid brand in consumer electronics. That talent and experience will now enjoy direct support from Polaroid's global capabilities in digital imaging, photo printing and eyewear. I am excited about the prospect of Polaroid becoming an integral part of the Petters' strategy."
